Sumitomo Mitsui Financial Group Inc. Makes New $13.47 Million Investment in Boston Scientific Co. (NYSE:BSX)

Sumitomo Mitsui Financial Group Inc. bought a new position in shares of Boston Scientific Co. (NYSE:BSX - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 150,810 shares of the medical equipment provider's stock, valued at approximately $13,470,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Norges Bank bought a new position in Boston Scientific during the fourth quarter worth about $1,762,522,000. Wellington Management Group LLP boosted its stake in shares of Boston Scientific by 10.2% during the 4th quarter. Wellington Management Group LLP now owns 36,165,399 shares of the medical equipment provider's stock worth $3,230,293,000 after acquiring an additional 3,344,571 shares during the period. Axiom Investors LLC DE increased its holdings in shares of Boston Scientific by 208.2% during the 4th quarter. Axiom Investors LLC DE now owns 3,752,430 shares of the medical equipment provider's stock worth $335,167,000 after acquiring an additional 2,535,007 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Boston Scientific in the 4th quarter valued at $190,780,000. Finally, Vanguard Group Inc. boosted its position in Boston Scientific by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 132,890,784 shares of the medical equipment provider's stock worth $11,869,805,000 after purchasing an additional 1,600,062 shares during the period. Institutional investors own 89.07% of the company's stock.

Wall Street Analyst Weigh In

BSX has been the topic of several research analyst reports. Argus set a $130.00 price objective on shares of Boston Scientific in a research report on Tuesday, February 18th. Stifel Nicolaus raised their price objective on shares of Boston Scientific from $100.00 to $115.00 and gave the stock a "buy" rating in a research report on Thursday, February 6th. Raymond James upped their target price on Boston Scientific from $119.00 to $122.00 and gave the company a "strong-buy" rating in a research report on Thursday, February 6th. Truist Financial decreased their price target on shares of Boston Scientific from $120.00 to $113.00 and set a "buy" rating on the stock in a research note on Friday. Finally, UBS Group lifted their price objective on shares of Boston Scientific from $105.00 to $130.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Two research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $109.04.

Boston Scientific Price Performance

Shares of NYSE:BSX traded up $1.02 during trading on Friday, hitting $93.66. 8,303,541 shares of the company were exchanged, compared to its average volume of 6,351,456. Boston Scientific Co. has a 1-year low of $66.80 and a 1-year high of $107.17. The company has a market capitalization of $138.53 billion, a P/E ratio of 74.93, a price-to-earnings-growth ratio of 2.79 and a beta of 0.73. The company has a quick ratio of 1.02, a current ratio of 1.08 and a debt-to-equity ratio of 0.41. The business's 50 day moving average is $100.54 and its 200-day moving average is $94.02.

Boston Scientific (NYSE:BSX - Get Free Report) last posted its earnings results on Wednesday, February 5th. The medical equipment provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.65 by $0.05. Boston Scientific had a return on equity of 17.80% and a net margin of 11.07%. Equities analysts forecast that Boston Scientific Co. will post 2.85 earnings per share for the current year.

Insider Buying and Selling

In other Boston Scientific news, EVP Arthur C. Butcher sold 17,313 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $101.80, for a total transaction of $1,762,463.40. Following the completion of the transaction, the executive vice president now owns 5,502 shares in the company, valued at approximately $560,103.60. This trade represents a 75.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jeffrey B. Mirviss sold 4,675 shares of the company's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $104.25, for a total transaction of $487,368.75. Following the completion of the sale, the executive vice president now directly owns 28,454 shares in the company, valued at approximately $2,966,329.50. This represents a 14.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 133,183 shares of company stock worth $13,948,476 in the last ninety days. Company insiders own 0.50% of the company's stock.

Boston Scientific Profile

Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through two segments, MedSurg and Cardiovascular. The company offers devices to diagnose and treat gastrointestinal and pulmonary conditions, such as resolution clips, biliary stent systems, stents and electrocautery enhanced delivery systems, direct visualization systems, digital catheters, and single-use duodenoscopes; devices to treat urological conditions, including ureteral stents, catheters, baskets, guidewires, sheaths, balloons, single-use digital flexible ureteroscopes, holmium laser systems, artificial urinary sphincter, laser system, fiber, and hydrogel systems; and devices to treat neurological movement disorders and manage chronic pain, such as spinal cord stimulator system, proprietary programming software, radiofrequency generator, indirect decompression systems, practice optimization tools, and deep brain stimulation system.